Scottish Widows removes early exit fees

Applies to all pension policies

Carmen Reichman
clock • 1 min read

Scottish Widows has removed its early exit charges on all personal pension policies, including workplace pensions.

The move will enable clients to switch products or providers free of charge before the end of their policy. It follows the announcement of a 1% cap on early exit charges by the Financial Conduct Authority last May to allow people to make better use of pension freedoms. The cap will affect personal and stakeholder pensions - both individual and workplace - as well as self-invested personal pensions, for those over the age of 55. Scottish Widows' blanket ban will take effect before 31 March, when the regulator's cap comes into force. The group's retirement expert David Lascelles s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Planning ahead of IHT changes: Using pensions to support charities

Planning ahead of IHT changes: Using pensions to support charities

Practical planning steps for advisers

Pooja Shah
clock 16 April 2026 • 5 min read
FCA to take action against Hartley Pensions and involved individual

FCA to take action against Hartley Pensions and involved individual

Entered administration in 2022

Jen Frost
clock 15 April 2026 • 2 min read
From A-day to IHT: How government forgot the meaning of 'consultation'

From A-day to IHT: How government forgot the meaning of 'consultation'

'What is particularly galling is that there were viable alternatives'

Rachel Vahey
clock 14 April 2026 • 3 min read